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Bitcoin Briefly Tanks to $8K on Binance.US

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Thu, 21/10/2021 - 12:30
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Bitcoin Briefly Tanks to $8K on Binance.US
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Bitcoin, the largest cryptocurrency by market capitalization, tanked to the $8,200 level on the Binance.US exchange before recovering within seconds.

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It is not clear whether this extreme volatility was caused by deliberate market manipulation or a costly mistake.

Abnormalities have also been observed on the Kraken exchange, where Bitcoin briefly dropped to the $54,000 level.

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The benchmark cryptocurrency is trading at the $64,500 level on major spot exchanges at press time.

Bitcoin reached a new all-time high just above the $67,000 level on Oct. 20, but it has since shed some gains, with volatility now showing its ugly side.

Binance.US was launched in late 2019 as an offshoot of the Binance exchange to fend off regulatory pressure in the U.S.

In early August, the exchange made headlines after CEO Brian Brooks abruptly resigned after just a few months on the job.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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